2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer
Section 59A-10-10 - Impairment of surety on bond in lieu of special deposit; requirement of new bond.
59A-10-10. [Impairment of surety on bond in lieu of special deposit; requirement of new bond.]
If in the superintendent's opinion the solvency of any surety on a bond accepted under Section 86 [59A-5-19 NMSA 1978] of the Insurance Code in lieu of a special deposit has become impaired or doubtful, the superintendent shall so notify the principal on the bond and unless within ten (10) days thereafter the solvency of the surety is proved to the superintendent's satisfaction or a new acceptable bond substituted, or eligible assets deposited in amount required and in lieu of bond, the superintendent shall revoke the certificate of authority of the insurer principal in such bond.
History: Laws 1984, ch. 127, 170.